Stock market futures edged lower for the S&P 500 index, Dow Jones and Nasdaq 100, with chip stocks coming under pressure for a second session. But they indicate that the major averages will continue to hold above their 50-day moving averages after vaulting above that key level Tuesday. One premarket winner is Amazon.com (AMZN), which revealed that it has more than 100 million Amazon Prime members.

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Customers pay Amazon and Netflix (NFLX) real money for their services. Meanwhile, fellow FANG stocks Facebook (FB) and Google-parent Alphabet (GOOGL) have offered free services in which users pay in "data." But that free-data, ad-driven model has come under fire in the wake of the Facebook data-privacy scandal. This divide is stark in the FANG stocks' performance.

(Apple (AAPL), which is sometimes included in a FAANG stock grouping, is a more extreme example of the dollars-vs.-data model. Apple gets customers — and wireless providers — to pay up for the iPhone, while stressing privacy and not selling users' data.)

Stock Futures

Amazon Prime Primes Stock

Amazon has vaulted 69% over the past year to Wednesday's close. Shares rose about 1.6% before the open in the stock market today. Late Wednesday, CEO Jeff Bezos disclosed Amazon Prime membership has topped 100 million, the first time the company disclosed any specific figures for Prime users. Not only are the memberships money in the bank for Amazon, but Prime spurs customers to spend far more on the e-commerce site, which doesn't always have the lowest prices.

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Amazon is working on what would likely be a cup base, but it's not quite long enough to create a potential buy point.

Netflix Subscribers Hit 125 Million

Shares of Netflix have surged this week to a new high on strong Q1 results and guidance. Netflix streaming subscribers now total 125 million worldwide, with strong growth expected to continue Shares have rallied 133% over the past year, leading all FANG stocks and blowing out the S&P 500's 16% advance over that time.

Facebook

Facebook is up just 18% over the past 12 months and down 6% so far in 2018. The stock sold off sharply in late March on revelations that Cambridge Analytica had unauthorized data on some 87 million Facebook users. The social giant said third parties have likely scrapped data from most of its two billion users. The stock has recouped some losses, helped by a decent performance by CEO Mark Zuckerberg at congressional hearings. But Facebook shares have been lagging the S&P 500 since Nov. 1.

Facebook user growth is slowing, new regulations are likely, and the company is spending more to root out fake news and Russian interference. To make matters worse, Amazon appears to be grabbing a bigger piece of the online ad market, cutting into Facebook and Google.

Alphabet

Alphabet shares have climbed 26% in the last 12 months, up slightly in 2018. Facebook's woes hit Alphabet shares somewhat, amid concerns about how regulators might target Google's own data practices. Alphabet's RS line hasn't made much headway in the past year. The stock did retake its 50-day line on Tuesday.

Apple

As for Apple, the iPhone maker also is up 26% over the past year. The stock is up modestly in 2018, approaching a new 183.60 buy point. Apple dipped 0.2% to 177.84 on Wednesday. The RS line is at consolidation highs but hasn't made much progress in 11 months.

On the downside, the stock's recent advance has been in light volume.

Apple was off 1.4% in premarket trading. That could reflect an earnings miss by Taiwan Semiconductor (TSM). The world's largest chip foundry, which makes chips for Apple, Nvidia (NVDA) and many others, warned of weak smartphone demand.

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